ArabFinance: The Egyptian public treasury has allocated EGP 405 million as green incentives to replace around 17,900 old vehicles with gas-powered ones, Minister of Finance Mohamed Maait revealed in an emailed statement on April 13th.
This step comes under the initiative to replace obsolete vehicles with new ones, in accordance with the directives of President Abdel Fattah El-Sisi, the minister said.
The initiative aims to encourage investors to expand their business within the green projects, in order to boost the economic growth rates and achieve sustainable development, he highlighted.
As per the initiative, new gas-run vehicles shall be manufactured and the components of old cars shall be recycled in a safe way through the use of modern eco-friendly technologies, Maait added.
Accordingly, this will help in localizing industrial activities, as well as in alleviating pollution and carbon emissions, he noted.
It is worth noting that private car owners are allowed to receive a green incentive estimated at 10% of the cost of a new car at up to EGP 22,000 under the initiative, while taxi owners are allowed to get a 20% incentive at up to EGP 45,000.
The incentive for microbus owners represents 25% of the cost of a new vehicle at up to EGP 65,000.